Country rank #12

Japan 日本

收入压舱石 — 亚洲最深、最可预期的地产收入市场

日本是全站的「收入压舱石」：外国人买一切都不受限（单间公寓到 J-REIT 单位，全产权），管理基础设施最成熟，收益率在全球属中游（J-REIT 分派约 4.5–4.8%、都市住宅毛 3.4% 起），不是亚洲式的薄。代价是人口：东京/大阪/福冈核心之外，租户基数年年在缩——日本资产按「收益率+治理」定价，不按增值。弱日元（160+）让入场价在硬通货口径下处于历史低位，但日元现金流就按日元敞口 sizing，不要伪装成美元收入。

Data updated: 2026-11-08

Four grades

Identity & tax (in one line)

Key metrics

Why this country

Japan is this site's income ballast: 58 listed J-REITs worth ¥16.1tn, distribution yields steady in a 3–5% band for over a decade (about 4.8% average in spring 2026); urban residential gross yields start around 3.4%, mid-table globally rather than Asia-thin. Foreigners — including non-residents — may buy buildings and land with full title, no approval and no local partner, and the management-company and tax-agent infrastructure is mature. Its risks are not institutional but demographic and price-based: the population falls by about 900,000 a year, and Tokyo new-condo averages stand at a record ¥137.84M — outside the core metros, buy on yield plus governance; inside them, question the price first.

Entry routes

Listed route: J-REIT units through any broker with Japan access (entry No. 42), freely bought and sold by non-residents; distributions are withheld at 20.42%.

Physical route is fully open: single condo units, whole buildings and land may all be held with full title; non-resident owners need a tax agent (mandatory) and, in practice, a management company. Everything else is verified item by item against entries No. 43/44.

Status is separate: property buys no visa; the Business Manager status was tightened in October 2025 to ¥30M capital plus four further limbs (see the identity-and-tax line), and the old agency script is obsolete.

Risks

• Rate normalisation is the shared variable for J-REITs and leveraged purchases: with the policy rate at 0.75% and 10-year JGBs around 2.4%, property spreads over government bonds have compressed below their historical norm — dependable income is not the same as a cheap price.
• Demography: outside the major metros the tenant base shrinks every year; for regional high-yield buildings the first risk is not this year's vacancy but whether an exit buyer exists in ten years (entry No. 44).
• The repair-reserve escalator: in 1980s–90s stock, the rising curve of reserve contributions is a silent yield-killer — always read the long-term repair plan and the reserve balance before buying.

Ranked opportunities in this country